Pension Savings by Age in the UK: What’s Typical and What to Aim For

Alpesh Patel
Oct 2
3 min read

When it comes to pensions, there’s no single benchmark. How much people save varies widely depending on income, career breaks, employer contributions, and when saving begins. Still, we can use data to establish some rough medians and guidelines.

Pension Savings by Age (UK Context)

Age	Typical / Median Pension Pot*	Commentary & caveats
~ 35	~ £30,600 for ages 35–44 (median)	Note: that is across 35–44, so 35 is on the lower end of that. Many will have less; many start later.
~ 40	In that same 35–44 band, median ~ £30,600; some data suggests average/“typical” pension + other assets ~ £39,500	Fidelity’s guideline: by 40 have ~ 3× your salary saved (in all retirement assets)
~ 45	For 45–54 band, median ~ £81,200 (private pension)	That’s just private pension — many also have other savings.
~ 50	In 45–54 band, median ~ £81,200; some guidance suggests people in 50s might have £120k+ in pension assets.	Fidelity suggests by 50 you should aim for ~ 6× salary in retirement assets (including pensions)
~ 55	For 55–64, median private pension ~ £189,700	That number is for the whole 55–64 age bracket. Many earlier-retire, freeze contributions, or draw down.

*Note: These figures are medians among people with pensions (i.e. excluding those with zero savings).

Alternative Survey Data

A Nuts About Money (March 2025) survey reports much higher averages:

Age 30–39: ~£82,500
Age 40–49: ~£120,000
Age 50–59: ~£300,000

However, these samples skew toward more financially literate, higher savers. They are therefore optimistic compared to the broader population.

Rule-of-Thumb Pension Targets

A widely cited guideline (e.g. Fidelity International, Campaign for a Million):

By 30: 1× salary
By 40: 3× salary
By 50: 6× salary
By 60: 8× salary

These are aspirational targets, not averages.

UK State Pension Age

Current: 66 (men and women)
2026–2028: rising to 67
2044–2046: legislated to rise to 68
Reviews may alter this depending on demographics and government policy.
In practice, the average effective retirement age is ~65 (many stop earlier or continue part-time).

Sources: GOV.UK, Insurance Hero

Life Expectancy in the UK

ONS data (2020–22):

At birth: ~78.8 years (male), ~82.8 years (female)
At age 65:
- Male: +18.3 years (~83.3 total)
- Female: +20.8 years (~85.8 total)

Because many live beyond averages, prudent planners assume lifespans into the mid-80s to early 90s.

Sources: Office for National Statistics, Pensions Policy Institute

Pension Pot Targets (Model, in Today’s Money)

Here’s a model for what savers might achieve if they start at age 25, with a 3% real return (5% nominal – 2% inflation).

Example: £60k salary, 12% contribution

Age	Pension Pot (approx)
35	£93k
40	£161k
45	£241k
50	£336k
55	£449k

8% contributions: ~⅓ less

15% contributions: ~25% more
Pots scale proportionally with salary

Assumptions: Contributions monthly, salary flat in real terms.

Sources: FCA projection rate framework (COBS); The Pensions Regulator

Practitioner Takeaways

Many people are behind the benchmarks. For instance, a 40-year-old on £60k with only £50k in savings is below track.
The real lever is contribution rate + low-cost investing, not market timing.
Auto-enrolment (8%) is a start, but often insufficient for a comfortable retirement.
Longevity risk is critical: plan for age 90+. Running out of money is far worse than leaving money behind.

Disclaimer: This article is for educational purposes only and does not constitute financial advice. Pension figures are illustrative and based on medians, surveys, and modelling assumptions which may not apply to individual circumstances. Always consult a qualified financial adviser before making investment or retirement decisions. Sources

PensionBee, Fidelity International, Nuts About Money (2025 surveys)
The Pensions Regulator: auto-enrolment minimum contributions
FCA: projection rate framework (Policy Statement PS23/5)
GOV.UK: State Pension age
ONS: National life tables (2020–22)
Pensions Policy Institute